Latest news with #CommonwealthBusinessSummit
Scoop
23-06-2025
- Business
- Scoop
Commonwealth Trade Ministers And Business Leaders Wrap Up Windhoek Summit
20 June 2025 Strong Call for Multilateralism and Private Sector Partnerships Trade Ministers from across the Commonwealth have concluded two days of high-level deliberations in Windhoek, Namibia, at the 2025 Commonwealth Trade Ministers Meeting (CTMM), with a bold affirmation of their shared commitment to deepen intra-Commonwealth trade, unlock sustainable investment, and defend the integrity of the multilateral trading system. Held alongside the inaugural Commonwealth Business Summit (CBS), which closed yesterday, the two landmark gatherings marked a significant step in connecting policymakers with business leaders and development partners to chart a unified economic future. The Trade Ministers Meeting, the first ever held on African soil, concluded today with the adoption of a forward-looking Outcome Statement and agreement on a joint Commonwealth Statement on the Multilateral Trading System to the 14th Ministerial Conference of the World Trade Organisation, reinforcing the group's united position on fair, inclusive, and rules-based global trade. Against the backdrop of rising protectionism, climate instability and a fragmented global economy, Ministers focused on strategies to harness the Commonwealth's 21% trade advantage (rooted in shared language, legal systems, and trust) to realise the ambition of growing intra-Commonwealth trade to US$2 trillion by 2030. Speaking at the closing ceremony of the CTMM, Commonwealth Secretary-General the Rt Hon Shirley Ayorkor Botchwey said: "Together, we have explored new pathways for deepening intra-Commonwealth trade, enhancing investment, leveraging digital trade, accelerating the sustainable energy transition and building resilient economies. The outcomes of the Windhoek trade ministers' meeting represent another shining example of the enduring value of Commonwealth collaboration." "We must stand firm and united in resisting any efforts that risk undermining our progress and prosperity. The Commonwealth has shown how we can work together to ensure that all our people benefit fully from international trade." Hon. Selma Ashipala-Musavyi, Minister of International Relations and Trade of Namibia, added: "We were brave enough to decide to host the inaugural Commonwealth Business Summit, in order to initiate the practical aspects of growing intra-Commonwealth trade to US$2 trillion and beyond. I would like to be brave enough to say we were successful and that our clarion call has been heard." "During this meeting, we clearly and overwhelmingly supported the Commonwealth member countries for a rules-based multilateral trade system. In that regard, we concluded a statement ahead of the WTO's 14th Ministerial Conference (MC14) in Cameroon in 2026, which will be released after this event, and will be read at the next meeting of the WTO General Council." During the meeting, the ministers also endorsed concrete initiatives to expand trade and investment across the Commonwealth: Operationalisation Plan of the Working Group on Trade and Investment was agreed for implementation with a focus on key priority activities to help invigorate trade and investment among member states. Ministers welcomed the launch of the Commonwealth Investment Network (CIN) as a key platform to help countries identify bankable projects and connect with credible investors. Ministers welcomed progress on the Commonwealth Model Law on Digital Trade, underscoring its importance in reducing friction in cross-border e-commerce. Energy transition, food security, and the future of critical minerals were flagged as areas for greater cooperation and public-private investment. Support for MSMEs, youth and women-led businesses, and improved digital readiness in vulnerable economies was reaffirmed. The CTMM built on momentum from the Commonwealth Business Summit, which concluded on Thursday. Held in parallel for the first time, the Summit brought together business leaders, entrepreneurs, and development financiers to align private sector priorities with public policy. As the Commonwealth looks ahead to the 2026 Commonwealth Heads of Government Meeting (CHOGM) in Antigua and Barbuda, Trade Ministers have called for leaders to build on Windhoek's momentum, deepening integration, protecting the global trading system, and ensuring that trade remains a driver of prosperity and resilience for all.
Scoop
15-06-2025
- Business
- Scoop
Commonwealth Trade Ministers And Business Leaders Convene In Namibia To Tackle Global Trade Headwinds
Press Release – The Commonwealth Set against a backdrop of mounting global trade tensions, climate volatility, and deepening investment gaps, these meetings are more than gatherings, they represent a coordinated push to reset trade relationships for a more resilient and inclusive … As global trade grapples with rising tariffs, supply chain disruptions, and shifting economic alliances, the Commonwealth is stepping forward with a united vision for inclusive, sustainable, and digitally enabled trade. From 18–20 June 2025, Windhoek will host the inaugural Commonwealth Business Summit (CBS) alongside the Commonwealth Trade Ministers Meeting (CTMM), marking the first time these flagship events will be held on African soil. Co-hosted by the Commonwealth Secretariat and the Government of the Republic of Namibia, the meetings will bring together government ministers, CEOs, investors, and innovators from all 56 Commonwealth member states, spanning five continents and representing 2.7 billion people. Set against a backdrop of mounting global trade tensions, climate volatility, and deepening investment gaps, these meetings are more than gatherings, they represent a coordinated push to reset trade relationships for a more resilient and inclusive future. 'At a time when global trade is being reshaped by uncertainty and fragmentation, the Commonwealth offers something rare: trusted partnerships, a shared commitment to fairness, and a 21% trade cost advantage,' said Commonwealth Secretary-General Hon. Shirley Ayorkor Botchwey, who will lead her first trade ministerial since taking office in April 2025. 'These meetings are not just about dialogue, they're about delivery. Across the Commonwealth, we are working together to build a trade system that works for all, one that creates real opportunities for women striving to grow their businesses, for young people seeking decent jobs, and for communities working to overcome economic hardship.' H.E. Amb. Selma Ashipala-Musavyi, Namibia's Minister of International Relations and Trade, emphasised that Namibia's strategic location, rich culture, and commitment to international partnership make it an ideal host to foster dialogue, promote intra-Commonwealth trade, and explore innovative solutions to global challenges. Trade as a Catalyst for Resilience and Renewal At the CTMM, ministers will focus on helping member states, particularly Small Island Developing States (SIDS) and Least Developed Countries (LDCs), better withstand external shocks. Discussions will tackle structural challenges such as limited export diversification, rising debt, energy insecurity, and digital exclusion. While tariffs often draw attention, it is the combined impact of tariffs and non-tariff barriers, including overlapping standards and customs delays, that most severely hampers trade. Ministers will explore regulatory alignment and digital trade facilitation as practical solutions to reduce these barriers and unlock intra-Commonwealth trade. A key priority will be adding value to Commonwealth assets, especially critical minerals, by shifting from raw extraction to local processing, job creation, and entry into high-value global supply chains. Other areas of focus include: Enhancing food and energy security through climate-resilient trade Advancing sustainable energy and digital infrastructure Attracting blended finance for trade-related infrastructure Coordinating Commonwealth positions for the 2026 WTO Ministerial in Cameroon Chris Southworth, Co-Chair of the Business-to-Business Cluster of the Commonwealth Connectivity Agenda and Secretary General of the International Chamber of Commerce UK, said: 'The Commonwealth Trade Ministers Meeting and Business Summit are an opportunity to stand up for the multilateral trading system at a time when the system is under threat and boost business confidence by accelerating efforts to make trade cheaper, faster, simpler and more sustainable and inclusive for all.' The summit will be co-chaired by H.E. Amb. Selma Ashipala-Musavyi, Namibia Minister of International Relations and Trade, and Hon. Faleomanavaega Titimaea Tafua, Samoa's Minister of Commerce, Industry and Labour and the Commonwealth Chair-in-Office. At its core, this work is about people, helping Commonwealth citizens thrive in an era of uncertainty by opening up pathways to prosperity, stability, and shared growth. Speaking ahead of the Summit, Secretary-General Botchwey summed it up: 'This is not just about fixing trade. It's about future-proofing our economies for generations to come.'
Scoop
15-06-2025
- Business
- Scoop
Commonwealth Trade Ministers And Business Leaders Convene In Namibia To Tackle Global Trade Headwinds
As global trade grapples with rising tariffs, supply chain disruptions, and shifting economic alliances, the Commonwealth is stepping forward with a united vision for inclusive, sustainable, and digitally enabled trade. From 18–20 June 2025, Windhoek will host the inaugural Commonwealth Business Summit (CBS) alongside the Commonwealth Trade Ministers Meeting (CTMM), marking the first time these flagship events will be held on African soil. Co-hosted by the Commonwealth Secretariat and the Government of the Republic of Namibia, the meetings will bring together government ministers, CEOs, investors, and innovators from all 56 Commonwealth member states, spanning five continents and representing 2.7 billion people. Set against a backdrop of mounting global trade tensions, climate volatility, and deepening investment gaps, these meetings are more than gatherings, they represent a coordinated push to reset trade relationships for a more resilient and inclusive future. 'At a time when global trade is being reshaped by uncertainty and fragmentation, the Commonwealth offers something rare: trusted partnerships, a shared commitment to fairness, and a 21% trade cost advantage,' said Commonwealth Secretary-General Hon. Shirley Ayorkor Botchwey, who will lead her first trade ministerial since taking office in April 2025. 'These meetings are not just about dialogue, they're about delivery. Across the Commonwealth, we are working together to build a trade system that works for all, one that creates real opportunities for women striving to grow their businesses, for young people seeking decent jobs, and for communities working to overcome economic hardship.' H.E. Amb. Selma Ashipala-Musavyi, Namibia's Minister of International Relations and Trade, emphasised that Namibia's strategic location, rich culture, and commitment to international partnership make it an ideal host to foster dialogue, promote intra-Commonwealth trade, and explore innovative solutions to global challenges. Trade as a Catalyst for Resilience and Renewal At the CTMM, ministers will focus on helping member states, particularly Small Island Developing States (SIDS) and Least Developed Countries (LDCs), better withstand external shocks. Discussions will tackle structural challenges such as limited export diversification, rising debt, energy insecurity, and digital exclusion. While tariffs often draw attention, it is the combined impact of tariffs and non-tariff barriers, including overlapping standards and customs delays, that most severely hampers trade. Ministers will explore regulatory alignment and digital trade facilitation as practical solutions to reduce these barriers and unlock intra-Commonwealth trade. A key priority will be adding value to Commonwealth assets, especially critical minerals, by shifting from raw extraction to local processing, job creation, and entry into high-value global supply chains. Other areas of focus include: Enhancing food and energy security through climate-resilient trade Advancing sustainable energy and digital infrastructure Attracting blended finance for trade-related infrastructure Coordinating Commonwealth positions for the 2026 WTO Ministerial in Cameroon Chris Southworth, Co-Chair of the Business-to-Business Cluster of the Commonwealth Connectivity Agenda and Secretary General of the International Chamber of Commerce UK, said: 'The Commonwealth Trade Ministers Meeting and Business Summit are an opportunity to stand up for the multilateral trading system at a time when the system is under threat and boost business confidence by accelerating efforts to make trade cheaper, faster, simpler and more sustainable and inclusive for all.' The summit will be co-chaired by H.E. Amb. Selma Ashipala-Musavyi, Namibia Minister of International Relations and Trade, and Hon. Faleomanavaega Titimaea Tafua, Samoa's Minister of Commerce, Industry and Labour and the Commonwealth Chair-in-Office. At its core, this work is about people, helping Commonwealth citizens thrive in an era of uncertainty by opening up pathways to prosperity, stability, and shared growth. Speaking ahead of the Summit, Secretary-General Botchwey summed it up: 'This is not just about fixing trade. It's about future-proofing our economies for generations to come.'
